Final answer:
Income earned during probate is not automatically the property of the surviving spouse but belongs to the estate and is distributed in accordance with the will or state intestacy laws. Trusts and designated beneficiaries on certain accounts allow for assets to bypass the probate process.
Step-by-step explanation:
Income earned during the period of probate typically belongs to the estate of the deceased and is not automatically the property of the surviving spouse. Probate is the legal process through which a deceased person's will is validated, and their estate is administered. Without a will, intestate succession laws will apply. In most jurisdictions, these laws prioritize the distribution of assets to the surviving spouse and children, if any. However, the income earned by the estate during probate becomes part of the estate itself and is distributed according to the terms of the will or intestacy laws. It is essential to understand the specific laws of the state, as they can vary significantly.
For example, if the deceased person had a trust, the income earned by the trust's assets would be managed according to the terms set forth in the trust. It is designated to pass to the beneficiaries, potentially including the surviving spouse, without going through probate. Additionally, certain assets with designated beneficiaries, such as life insurance or retirement accounts, would bypass probate entirely and be transferred directly to the named beneficiaries.